Tuesday, August 26, 2014

Venture capital firm Kleiner Perkins Caufield & Byer has agreed to invest in fast-growing messaging startup Snapchat at a valuation close to $10 billion, the Wall Street Journal reported on Tuesday, citing people with knowledge of the matter. The venture-capital firm had committed to invest up to $20 million in Snapchat in May, the Journal cited one of the people as saying, without elaborating.At least one other strategic investor has committed to joining the latest round of funding, the Journal cited two of the people as saying.If the deal goes through, Snapchat would join a select club of tech startups with valuations of $10 billion or more, including car-ride service Uber and rooms-to-let startup AirBnB.Snapchat, a so-called ephemeral messaging service popular with teenagers, turned down a $3 billion acquisition offer from Facebook Inc last year, a source close to the matter told Reuters.

Facebook, Inc. (Facebook), is engaged in building products to create utility for users, developers, and advertisers. Shares of FB traded higher by 1.25% or $0.9401/share to $75.96. In the past year, the shares have traded as low as $39.42 and as high as $76.74. On average, 40084000 shares of FB exchange hands on a given day and today's volume is recorded at 23887292.

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